Democracy failure: The root of the global economic crisis is political

摘要

The world economy is suffering the incalculable shock effects of a massive market failure. But arguably the root cause of our present difficulties is that democracy slept through the making of a deep crisis. Democracy failure bred market failure. Unelected regulatory bodies and elected politicians, parties and whole governments let their citizens down. The market self-regulation model palpably failed. An urgent priority is to invent new monitory bodies. The key question is whether governments and markets are held publicly accountable for their actions by citizens and their various representatives.